ESban Financing Innovation in SMEs: the role of Business Angels 11 th December 2009, Madrid

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1 ESban Financing Innovation in SMEs: the role of Business Angels 11 th December 2009, Madrid Business Angel Networks as a Catalyst of Private Investment in Europe Brigitte Baumann CEO of Go Beyond & President of EBAN: The European Trade Association for Business Angels, Seed Funds, and other Early Stage Market Players

2 Business Angels WHO WHAT Business Angel Private individuals, Ex. Entrepreneurs, retired, in transition or active executives/ professionals Invest between 2-5% of total wealth - ~ 100k per year Invest 200k 1million per investment ~25% share of company Timing is open WHERE Range of companies, technology and services WHY Source: Go Beyond Make money Mentor Socialize Entrepreneurial track

3 About Business Angels Characteristics that Business Angels are seeking: INNOVATION AND ENTREPRENEURSHIP

4 Angels and Other Finance Sources Capital Needs IPO Higher Risk Business Angels Early stage and seed venture funds Venture Capital Funds Angels help fill the Equity Gap Friends, Family & Founders Lower Risk 0 Time Seed Start-up Early Growth Sustained Growth

5 Business Angels vs Venture Capitalists WHO WHAT Business Angel Private individuals, Ex. Entrepreneurs, retired, in transition or active executives/ professionals Invest between 2-5% of total wealth - ~ 100k per year Invest 200k 1million per investment ~25% share of company Timing is open Venture Capital Professional investors usually in a partnerships Money raised to be invested must make more money Closed period of 8-10 years Invest 5-20 million per investment WHERE Range of companies, technology and services Technology focus WHY Source: Go Beyond Make money Mentor Socialize Entrepreneurial track Career Make money Raise a new fund

6 Why do we need Business Angels? In 2008, seed investments represented 0,6% of recorded VC investments in Europe >Different amounts invested >Complementary roles Source: EVCA Year Book 2009 Stage distribution of investments per year

7 About Angel Networks Private or semi-public body whose aim is to match entrepreneurs looking for equity with Business Angels WHY? EFFICIENCY LEVERAGE DIVERSIFICATION

8 European Angel Market Characteristics Number of Business Angel Networks

9 Summary of industry statistics 2008 EU US Networks For profit 31% 59% Estimate n of angels 75k 250k Investment per round 207k 186k Total estimate invested annually 4 billion 20 billion VC Investments 4 billion 20 billion

10 Results of our annual research Angels have continued to invest throughout 2008 Angel networks have continued to recruit new members Slightly smaller number of deals, higher average amount invested Leverage of co-investment mechanisms in UK quasi-doubles the amounts invested in companies >Few countries have put in place appropriate data collection mechanisms > Access to data of the companies receiving finance is key for cross referencing

11 ABOUT INVESTMENTS ICT & Software still dominating sectors Clean tech and health «hot» sectors

12 Location of Investments. 75% of investments are in their region

13 About co-investments. Co-investors: BAs in other networks, early stage and VC funds

14 Who we are Circa 100 members EBAN 15 Federations 250 angel networks + associated members Membership X4 in 5 years Now open to seed funds angels entrepreneurs website viewers publication readers 27 countries Over 100 members

15 The role of Government Fiscal incentives >2 countries have up-front tax incentives >8/27 provide some form of support Co-investment funds Support to national federation and BANs Capacity building schemes Equity guarantees Support to awareness raising: role models, media, BA week Support contact between investor groups: BA/VC Support fluidity of market and exit routes

16 Thank You Brigitte Baumann EBAN Contact details Rue Vautier Brussels Belgium E: W:

Private Equity Market and Trends Brigitte Baumann CEO Go Beyond; President of EBAN

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